Adani-Hindenburg Case: SEBI Seeks 15 More Days To Submit Probe Report To SC

New Delhi: The Supreme Court had set Securities and Exchange Board (SEBI) a deadline of August 14, that is today, to complete its probe into the Adani-Hindenburg matter and submit its report. The next hearing was scheduled for August 29.

However, SEBI has requested the top court to grant it an additional 15 days for submitting its report.

In the legal filing, SEBI stated that it has completed investigation into 17 transactions done by Adani Group out of the 24 taken up for the probe.

The reason for the extension, as mentioned by the market regulator, is that it has sought more information from other regulators and foreign jurisdictions for further course of action. SEBI also stated that of the six remaining matters, findings have been “crystalised” in four investigations.

In a scathing report published in January, US short-seller Hindenburg Research had accused Adani Group of accounting fraud and stock price manipulation.

It resulted in major losses in stocks and a huge fortune of business magnate Gautam Adani being wiped away. Though share prices of Adani Group companies bounced back over the next few months, prices of all companies fell sharply on Monday, after Deloitte resigned as the auditor of Adani Ports & SEZ.